Korea Investment & Securities cuts SungKwang Bend price target to 40,000 won
Korea Investment & Securities lowered its price target for SungKwang Bend by 7%, from 43,000 won to 40,000 won, while maintaining its buy rating. The brokerage cited weaker third-quarter results and lower valuations among energy and shipbuilding equipment peers. SungKwang Bend disclosed quarterly consolidated revenue of 42.8 billion won, down 33.6% year on year and 38.2% below consensus.